Aquaculture Products Market

Market Leader: rise in population, decline in the value of captured fish, increasing consumption of seafood and rise in seafood trade is driving the manufacturers to innovate in the Aquaculture Products Market

The global aquaculture products market is projected to grow from an estimated value of USD 30.10 billion in 2017 to reach USD 42.56 billion by 2023, at a CAGR of 7.2%. This market is driven by factors such as decline in the amount of captured fish, increasing population, and rise in consumption due to the nutritional value of fish. The key players include Pentair Plc, (US), AKVA Group (Norway), Xylem Inc (US), Aquaculture Equipment Ltd (UK), Aquaculture System Technologies (US), Luxsol (Belgium), Pioneer Group (Taiwan), CPI Equipment Inc (US), Asakua (Turkey), FREA Aquaculture Solutions (Denmark), Lifegard Aquatics (US), Tan International Ltd (UK), Reef Industries Inc (US), Aquafarm Equipment AS (Norway), and Aquaculture of Texas, Inc (US).

The key market players adopted various growth strategies such as new product launches, expansions, partnerships, and acquisitions to cater to the increasing demand for aquaculture products. These players are focusing on strategic new product launches to enhance their presence in the aquaculture products market. For instance, in 2018, AKVA Group set up a feed conveyor concept by the name of flexible feeding, which allowed farmers to send and feed silo to any cage, making it easier to use different feed types and sizes. This allowed easy expansion of the existing feed systems with more feed lines without expensive rebuilding of main feed silos. In 2017, AKVA Group set up its new modular cage systems for emerging markets, which enabled the distributors and customers to build cages according to their own specifications. In 2016, Aquaculture system technologies launched endurance filters for home and Koi ponds. The new product line offered solutions to Koi pond owners.

Some key companies also adopted the acquisition strategy to expand their consumer base in various geographies. For instance, in 2018, AKVA Group entered into an agreement to acquire Egersund Net AS (Norway). The acquisition helped the company expand its product portfolio. In 2016, Pentair Aquatic Ecosystems acquired Vaki Aquaculture Systems Limited, a leading aquaculture equipment manufacturer based in Iceland. The acquisition helped the company to broaden its range of systems, products, and services in the growing aquaculture market of Iceland.

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Pentair Plc,

Pentair Plc is one of the global leaders in the aquaculture products market. It manufactures and supplies aquaculture products across the globe. In order to expand its presence in the aquaculture products market, it adopts various expansion strategies. For instance, in 2017, the company opened a new facility, an 87,000-square foot indoor aquaponics farm, at its Schmidt's brewery building in St. Paul, Minnesota, US. It is one of the largest commercial aquaponics facilities in the world. Also, in 2015, the company opened a new aquaculture center of excellence in Apopka, Florida, which consists of 12,400 square feet of laboratories and fish culture systems. It is being used for demonstration, research, and teaching activities.

AKVA Group

AKVA Group is one the key players in the aquaculture products market. In order to expand its presence geographically, it adopted various acquisition strategies. For instance, in 2018, the company entered into an agreement to acquire Egersund Net AS (Norway). The acquisition helped the company expand its product portfolio in Norway. In 2016, the company bought a 66% stake in Sperre Group AS (Norway). With this acquisition, AKVA Group gained the leading position in the ROV (Remotely Operated Unmanned Underwater Vehicles) and Subsea technology segments in the aquaculture industry.

Related Reports:

Aquaculture Products Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type, and Region - Global Forecast to 2023

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